#79 - Take The Money And Run

Posted on Thursday, November 19th, 2020 at 8:37 am by LaLonde Jewelers

I have a saying: “Get The Money”.

This can mean different things. One is that if you have the money, you can control if you are going to give it up.
If someone wants to return something, you have their money and you can try to replace the item with something else they may be satisfied with.

Also, when a client pays for something in full, it will quicker leave their mind. This as opposed to putting down a deposit. In their mind they still must come up with the rest of the money. It’s sort of like paying for it twice. Their mind focuses on paying money instead of the beautiful piece they received.

Credit cards are another curse, people don’t realize that cards from airlines that give you miles for free trips charge the merchant a higher percentage. So, when clients say they want to use their card because this Airline Card pays for my trip. I think, “No, I am paying for your trip.”

When someone comes in on December 20th to buy a Christmas gift and puts it on their Credit Card. their billing shows up in late January. Now I see that person in early February and ask what they are buying for Valentine’s Day and they say "I just bought something from you". Had they paid by check, six weeks would have past and it is likely that it had passed their mind.

One situation that happened to me. Early in my career November 1982, in Hawaii, I sold a sizeable item. It was on a Friday afternoon. The gentleman was ready to pay and said,” I can give you a Credit Card and they will charge you fees, or I can bring back a check on Monday and pick it up.” Well a five-thousand-dollar sale would take 200.00 in fees. So I said that a check would be fine.

Guess what? Hurricane Iwa came roaring thru the islands that weekend. On Monday, I received a call from the gentleman saying that Iwa blew down his vacation home in Poipu, Kawaii and he had to cancel his order. I always wondered, what if I had taken the money? Maybe should have given up the 200 bucks.

 

So, you see every situation is different. But I still say I’m going with “take the money and run”, you never know when someone named Andrew, Katrina, or Iwa is gonna blow through your town.


Written by Dan LaLonde, G.G., G.I.A.
Lalonde Jewelers & Gemologists
The Gem Expert
www.thegemexpert.com



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